As reported by the Iranian Ministry of Petroleum, estimations on arrival of Hurricane Harvey in the Gulf of Mexico had led to a rise in crude prices in global markets.
In the seven days leading to August 25, Iran’s light crude prices grew by $1.24 climbing to 51 dollars a barrel while the average figure for Iranian crude has been $49.03 since the beginning of the Iranian calendar year.
In the meantime, price figures for heavy crude of Iran moved up to 48 dollars and 84 cents indicating a 96-cent upswing as compared the earlier week.
The price of OPEC basket also rocketed by 99 cents surging to a $49.70 per barrel.
Over the same time span, WTI and Brent crude oil prices grew larger by 12 and 149 cents mounting up to $47.62 and $51.94 respectively.
Dubai and Oman crude oil barrels were also traded at $50.31 and $50.45 in the week leading to August 25 after respectively snowballing by 90 and 94 cents.
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